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Royal Manor

2174 York, Vancouver
Multi-family

$3,800,000


Summary

Price
$3,888,000
GIM
23.6
Property taxes
$10,022.47
Units
11
Year Built
1959
Operating Cost
(44,037)
Cap Rate
3.1%
Zoning
RM-4
Price/Unit
$353,454
PID
014-993-619
Stories
3.5
Sale Price
$3,800,000
Sale Date
6/7/2014

Property Description

Prime Kitsilano! Royal Manor is an exceptionally well maintained three storey plus penthouse apartment building located in Vancouver’s popular Kitsilano neighbourhood. Only one block south of Kits Beach, the property features 11 suites including a large split-level two-bedroom penthouse unit with partial views of English Bay and the North Shore Mountains.

Location

Royal Manor is situated on the south side of York Avenue between Arbutus and Yew Streets in prime Kitsilano. Only one block south of Cornwall Avenue, the waterfront “main drag” which runs parallel to popular Kitsilano Beach coastline and offers stunning views of English bay, the West End’s skyline and the North Shore Mountains. Within walking distance is Kits Beach Pool and Park, a seaside walkway that overlooks the Burrard Inlet, Kitsilano Yacht Club and Point Grey Private Hospital. Various, restaurants, cafés, amenities and bus transportation are close by along Cornwall and Yew Street—only one block in either direction.

Kitsilano, especially north of 4th Avenue, is considered one of the most desirable locations in the City of Vancouver to live, with its numerous beaches, parks, recreation centres, retail amenities, movie theatre, cafes and its close proximity to Downtown Vancouver and UBC.

Features

  • Well maintained 3-level plus penthouse wood frame building featuring 11 suites
  • Massive two bedroom split-level totally renovated penthouse unit (approx. 1,600 sf) with large patio deck (approx. 1,000 sf) features partial mountain and water views
  • Parking: 5 surface stalls at rear
  • Laundry room: 1 washer/1 dryer and bike storage
  • Five storage lockers
  • New boiler (2012)
  • Majority of suites have been nicely updated with breakers, remodelled kitchens, bathrooms, newer appliances
  • Newer hallway carpets and lobby tastefully renovated with attractive slate flooring, maple walls, new mail boxes and intercom
  • Stage 1 Environmental Report available
  • Caretaker receives rent abatement in exchange for management duties

For a current rent roll and income and expense statement, click here.

Legal Description

Lot 3 Block 204 District Lot 526 Plan 1076

Financial Summary

Treat as clear title.

Assessment 2013

Land: $2,420,000
Building: $488,000
Total: $2,908,000

Income and Expenses

Gross Income: $165,800
Vacancy: (995)
Effective Gross: $165,805
Operating Expenses: (44,037)
Net Operating Income: $120,768

 

Suite Mix

No. Units Avg. Rent
Bachelor 1 $950
One Bedroom 8 $1,119
Two Bedroom 1 $1,300
Two Bedroom PH 1 $2,400

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